Trump slaps sweeping sanctions on Iran banks

President Donald Trump's administration imposed sweeping sanctions Thursday on Iran's banking sector, taking a major new step to cripple the arch-rival's already struggling economy weeks ahead of US elections. The Treasury Department said it was designating 18 major Iranian banks, a move that could largely cut off the nation of 80 million people from the world's financial system just as it tries to cope with the Middle East's worst Covid-19 outbreak. The United States defied concerns from European allies that the sanctions could cause needless suffering and insisted it was making exemptions for humanitarian trade. US said the Iranian leadership was to blame for devoting funds to the military when it has health needs.